This bill proposes to submit a proposition to the voters of Rhode Island during the general election in November 2026, seeking approval for the issuance of general obligation bonds totaling $100 million. The funds are intended to support the state's 2026 capital development program. The bill outlines the process for ballot labeling, the authority of the general treasurer to issue bonds, and the conditions under which these bonds will be sold and managed.

Additionally, the bill includes provisions for the management of the proceeds from the bond sales, ensuring that funds are used specifically for the approved projects under the capital development program. It allows for the general treasurer to issue refunding bonds and outlines the tax-exempt status of the bonds as general obligations of the state. The bill also authorizes the acceptance of federal assistance and private funds to support the projects. Sections 1, 2, 3, 11, and 12 of this act would take effect upon passage, while the remaining sections would become effective only after the state board of elections certifies that a majority of the qualified electors voting on the proposition have indicated their approval.